Changing the contract after exchange before settlement

[cocka2]

Hi all,

I have a question.

I am purchasing a property, initially I indicated that I don't want to receive 7k government grant for first home owners. I would like to know if it is possible to change this now, after exchange, before settlement, or is it too late ? Does it cost something extra to change this ?

Cheers,
Ali

 

[HD_ACE]

hi there

How come you have changed your mind? will you be living in it now?

I think you can still apply for it after settlement and you will be reinbursed but not certain.. It will depend what state the propertys in?

cheers

 

[cocka2]

The property is in ACT and it is currently rented, I am also renting.

 

[HD_ACE]

so you want to move into it now when it settles?

what stage are you at unconditional? how long untill settlement?

cheers

 

[cocka2]

Hi HD,

We want to move in around 9 months after settlement. The settlement is in 30 days from today. The exchange was done a few days back.

 

[Peter Parker]

It could pay to check the fine print for the FHOG.

There may be a grace period that allows the place to be tenanted for a while after you take over, but still claim the FHOG if you move in within a certain time. Something like this would protect tenants with existing leases.

 

[HD_ACE]

You can apply for the fhog in the time frame between exchange and 1 year after settlement. you must occupy the residence for continuous 6 months comencing within 1 year after settlement.

Just be aware if you do rent it out after settlement before you move in, it will effect your cgt exemption.

see http://www.revenue.act.gov.au/home_buyer_assistance/first_home_owner_grant

cheers